Why Every US Capital Market Will Be Tokenized Soon | Will Corkin, SOMA.Finance

Soma Finance’s Will Corgan explains how SEC/FINRA‑approved on‑chain securities unlock retail and global access—and why patient, cooperative regulatory work took years to achieve.

Key Takeaways

Soma secured broker‑dealer and FINRA approvals (2019 proof‑of‑concept) enabling on‑chain private placements: Reg CF, Reg D, Reg S and Reg A on any blockchain.
Noncustodial, one‑to‑one tokenization confers legal ownership, proxy voting, and bankruptcy protection—users retain assets in their wallets, unlike custodial exchange failures.
SOMA token is SEC‑registered and pays stablecoin dividends; Soma has tokenized treasuries and distributed tokens globally, enabling new retail yield products.
Planned product stack: a DEX for ETH and public equities for US persons, money market fund access, tokenized asset baskets, staking, and pre‑IPO fractional investments from $1.
Regulatory approvals are Soma’s moat: expect multi‑year timelines (broker‑dealer often 1–3 years; Soma took ~9 years). Advice: cooperate with regulators and hire experienced compliance leadership.
Market opportunity: tokenized RWAs—real estate, pre‑IPO shares and revenue‑sharing securities—can lower minimums, increase liquidity, and expand access for emerging‑market investors.

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